A Missouri Warranty Deed for Surface with Limited Warranty is a legal document used in real estate transactions in the state of Missouri. It serves as a formal contract between a seller (granter) and a buyer (grantee), transferring ownership of a property's surface rights while providing limited guarantees regarding the title. In Missouri, there are two main types of Warranty Deeds for Surface with Limited Warranty: 1. General Warranty Deed: This type of deed offers the highest level of protection for the buyer. The granter guarantees that they hold clear title to the property and will defend the buyer against any claims or disputes arising from the title. In addition, the granter promises that there are no undisclosed encumbrances or defects on the property. 2. Special Warranty Deed: This type of deed provides a more limited warranty compared to the General Warranty Deed. The granter only guarantees that they have not personally encumbered the property during their ownership. This means that any defects or claims arising before their ownership are not covered by the limited warranty. Special Warranty Deeds are commonly used in commercial transactions or when a granter has acquired the property through foreclosure or similar circumstances. Missouri Warranty Deeds for Surface with Limited Warranty typically contain the following elements: 1. Granter and Grantee Information: Names and addresses of the parties involved in the transaction. 2. Property Description: Accurate and detailed description of the property being transferred, including the legal description and address. 3. Consideration: The agreed-upon price or any other form of consideration involved in the transaction. 4. Limited Warranty Language: Clear statement that defines the extent of the limited warranty being provided to the buyer. 5. Covenant Against Granter Acts: Assurance that the granter has not personally encumbered the property or created any defects. 6. Signature and Acknowledgment: Signatures of the granter and witnesses, as well as a notary acknowledgment to ensure the document's legal validity. A Missouri Warranty Deed for Surface with Limited Warranty plays a vital role in assuring buyers that they are acquiring property rights with some level of protection against title defects and future claims. However, it is recommended to consult with a real estate attorney or professional to fully understand the implications of the limited warranty and assess any associated risks before entering into such transactions.
Missouri Warranty Deed for Surface with Limited Warranty
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Special warranty deeds do not protect against mistakes in a free-and-clear title that may exist before the seller's ownership. Thus, the grantor of a special warranty deed is only liable for debts, problems, or other encumbrances to the title that they caused during their property ownership.
General warranty deeds give the grantee the most protection, special warranty deeds give the grantee more limited protection, and a quitclaim deed gives the grantee the least protection under the law.
Relates to the past and guarantees grantor ownership. The deed that offers a limited number of warranties is a. general warranty deed.
While the seller in a Warranty Deed must defend the title against all other claims and compensate the buyer for any unsettled debts or damages, the seller in a Special Warranty Deed is only responsible for debts and problems accrued or caused during his ownership of the property.
How to Create a Missouri Warranty Deed Form The current owner's name and marital status; The new owner's name and address; A valid legal description of the property; A granting clause transferring title to the new owner; and. The current owner's notarized signature.
A special warranty deed?also known as a limited warranty deed?is a variation of the general warranty deed. While the word "special" may communicate to a buyer the idea that the deed is of higher quality, the special warranty deed is less comprehensive. It offers less protection due to the limited timeframe it covers.
Types of Deeds Quit claim deeds are common in divorces when one spouse grants his or her rights in real estate from the marriage over to the other spouse. A warranty transfers ownership and explicitly promises the buyer that the seller has good title to the property.
A special warranty deed provides the grantee with limited covenants and warranties from the grantor, including a: warranty of the grantor's clear fee title subject only to noted encumbrances; and ? covenant to defend against title claims arising from the grantor's ownership interest.
